UK-based credit provider TotallyMoney has chosen data intelligence platform Bud Financial (Bud) to enable customers to manage finances with the support of AI. Bud’s deep AI capabilities will enable TotallyMoney to use real-time Open Banking data to generate predictive insights and arm its customers with proactive bill and payment tracking, helping them stay on top of outgoing and upcoming payments.

Using Bud’s AI and data intelligence platform, TotallyMoney will further help its customers stay on top of their bills and payments so they can build, improve, and protect their credit score. Personalised financial insights and credit score management Bud's AI-trained models examine consumers' latest banking data spanning 12 months, to detect regular payments such as rent, subscription fees, and other expenses. A real-time breakdown of upcoming payments is produced by this study.

Bud's data intelligence services are used by TotallyMoney to give clients information that allow them to proactively plan and understand how their financial decisions affect their credit scores. Customers can track routine expenses to prevent overdrafts and missing payments and receive alerts about potential credit score consequences from individual payments. Customers of TotallyMoney are provided with access to this innovative service at no cost.

TotallyMoney is a purpose-driven fintech with a focus on the UK's 20 million financially under-served adults. The free app puts customers in control of their own data, so it works for them, not against them, offering personalised plans, products and insights to help unlock a life of more choices. TotallyMoney partners with both leading and specialist lenders to offer an expansive inventory of products designed to help the financially under-served access best-matched loans, credit cards, and mortgages.

Augmenting loan assessments and financial inclusion TotallyMoney first integrated Bud’s platform in January 2023, to supercharge affordability and eligibility assessments for pre-approved loans, by considering wider, better, and more accurate data. Using Bud's platform and Open Banking data, TotallyMoney has additionally enabled its lending partners to achieve significant efficiencies in the time to process loan applications: 75% of loan applications are processed in 15 minutes or less (versus 80% of applications processed in 60 minutes or less with credit bureau data alone). Officials from TotallyMoney highlighted the limitations of traditional credit report data, which often fails to reflect an individual's current financial capabilities due to slow updates and changing economic conditions.

By integrating Open Banking data powered by Bud, they aim to address the financial inclusion gap for the 29 million under-served or financially vulnerable UK adults. This approach provides banks with better insights for assessing customer eligibility and enable customers to manage their finances and protect their credit scores, ultimately giving them more choices in life. Bud Financial emphasises the role of AI in generating unique customer insights from data.

By combining various models, they can help clients treat their customers as individuals, leveraging both internal and external data to understand their clients' customer base better. Bud is proud to enable TotallyMoney in creating smart money management tools, enhancing affordability, and promoting financial resilience for their customers. .